The sale price is only half the story. What matters is what you take home after closing. Here are the costs most Long Island sellers should plan for, and a worked example using the median Nassau County sale price.
The main costs
1. Real estate commission
Commissions are negotiable and are not set by law. What you'll pay is spelled out in your listing agreement. Since August 2024, offers to pay a buyer's agent no longer appear in the MLS, and buyers sign a written agreement with their own agent before touring homes. A seller can still agree to help with the buyer's agent fee as part of the negotiation, so talk through how you want to handle it before you list.
2. New York State transfer tax
New York charges a real estate transfer tax of 0.4% of the sale price ($2 for every $500), and on Long Island the seller customarily pays it. On a $911,000 sale, that is $3,644.
3. Your attorney
On Long Island, buyers and sellers each usually hire a real estate attorney to review the contract, handle the title and payoff paperwork and represent them at closing. Fees vary, so ask for a flat-fee quote up front.
4. Your mortgage payoff
Any mortgage or home equity line is paid off at closing from the sale proceeds, along with any other liens. Ask your lender for a payoff statement as you get close to closing, since interest is added daily.
5. Closing adjustments
Property taxes are split between buyer and seller based on the closing date, so you may get money back or owe a little. If your home heats with oil, the oil left in the tank is often credited to the seller at closing as well.
6. Credits and repairs after the inspection
Buyers often ask for repairs or a credit after their home inspection. Fixing known issues before you list, or pricing for them, can keep these requests small.
7. Getting the home ready
Touch-up paint, small repairs, cleaning, staging and moving costs aren't paid at closing, but they belong in your budget.
A worked example
Here is how the math works on a $911,000 sale, the median single-family price in Nassau County in August 2026 according to OneKey MLS. The lines in italics depend on your own agreements and loan.
| Item | Amount |
|---|---|
| Sale price | $911,000 |
| NYS transfer tax (0.4%) | −$3,644 |
| Real estate commission | per your listing agreement |
| Attorney fee | per your attorney's quote |
| Mortgage payoff | per your lender's payoff letter |
| Tax and fuel adjustments, buyer credits | set in the contract and at closing |
| Your net proceeds | what is left |
Frank prepares this estimate with your real numbers before you list, so there are no surprises at closing.
A cost the buyer pays that can still affect you
New York's mansion tax is 1% of the price on residential purchases of $1 million or more outside New York City, and the buyer pays it. That is $10,000 on a $1,000,000 purchase. Near that line, it can shape offers: a buyer may prefer $995,000 to $1,005,000. With Massapequa's median at $998,000, this comes up often. See how prices compare by town.
The disclosure statement is no longer optional
Since March 20, 2024, sellers of most one- to four-family homes in New York can no longer give the buyer a $500 credit instead of a Property Condition Disclosure Statement. The form now also asks about flood risk: whether the home is in a FEMA floodplain, whether flood insurance is required, its flood insurance history and any flood claims. Have your answers ready before you list.
Capital gains
If the home is your primary residence and you owned and lived in it for at least two of the five years before the sale, federal law lets you exclude up to $250,000 of gain from income, or $500,000 for most married couples filing jointly. Talk to a tax professional about your situation.
Know your number before you list
The biggest factor in your net proceeds is still the sale price. Pricing from recent comparable sales, presenting the home well and negotiating credits carefully all show up on the closing statement. Start with a free home valuation and Frank will walk you through your estimated net.
This article is general information, not legal or tax advice. Sources: New York State Department of Taxation and Finance (real estate transfer tax and mansion tax); New York Real Property Law §462 (Property Condition Disclosure Statement); IRS Topic 701, Sale of your home; OneKey® MLS Local Market Update, August 2026.
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